Axos Bank Business Checking Review 2024

There’s no shortage of business banking products and services offered through Axos Bank. Here are the details of its business checking accounts and other business products.

Axos Bank Basic Business Checking

Despite its name, Axos Bank’s Basic Business Checking account is packed with valuable benefits. While this account doesn’t earn interest, it carries no monthly maintenance fee or minimum balance requirement and offers unlimited item processing (including up to 60 remote deposit items a month). Other benefits include unlimited domestic ATM fee reimbursements, two domestic wire transfer fee reimbursements a month and your first set of 50 checks free.

Axos Bank Basic Business Checking is compatible with QuickBooks for easy accounting. For support, business clients have access to dedicated relationship managers five days a week.

Axos Bank Basic Business Checking

Monthly Maintenance Fee

$0

Minimum Monthly Balance Required

$0

Minimum Deposit Requirement

$0

Open An Account

$0

$0

$0

Axos Bank Small Business Interest Checking

Business Interest Checking is an interest-bearing checking account with Axos Bank. Customers earn tiered interest rates. Customers can earn up to 1.01% APY on balances below $50,000. A $100 minimum deposit is required to open a Business Interest Checking account and you’ll need to keep a balance of at least $5,000 to waive the $10 monthly maintenance fee.

Business Interest Checking, like the Basic Business Checking account, comes with unlimited domestic ATM fee reimbursements. However, only your first 100 transactions are free every month and they’ll cost $0.50 each after. This account allows up to 60 items per month for remote deposit anywhere.

Other Axos Bank Banking Products and Services

In addition to its checking accounts, Axos Bank offers several other bank accounts to meet your business needs:

• Axos Bank Business Savings. The Business Savings account savings account requires a $1,000 minimum opening deposit and a $2,500 minimum average daily balance to waive the $5 monthly maintenance fee. Business Savings accounts currently earn 0.20% APY on all balances.
• Axos Bank Business Money Market Account and Axos Bank Non-Profit Money Market Account. These two accounts are interest-bearing accounts featuring check-writing privileges. The accounts currently earn 0.20% APY on all balances. Opening either account requires a minimum deposit of $1,000. You need to keep a minimum average daily balance of $5,000 to waive the Business Money Market account’s $10 monthly maintenance fee. For the Non-Profit Money Market account, a minimum average daily balance of $2,500 can waive the $5 monthly maintenance fee.
• Business Certificate of Deposit (CD). Business CDs from Axos are available in eight term lengths, ranging from three months to five years. Axos Bank Business CDs earn up to 0.20% APY depending on the term. Interest is compounded daily. Axos doesn’t charge for electronic transfers of interest earned on the account. Business CDs require a minimum deposit of $1,000 to open. Early withdrawal incurs a significant penalty.
• Certificate of Deposit Registry Service (CDARS). Business customers looking to keep larger deposits safe can sign up for CDARS through Axos Bank. This service allows you access to FDIC insurance on deposits of up to $50 million through partner banks.

Axos Bank helps small businesses by providing merchant services through a partnership with Celero Merchant Solutions. For many small businesses, accepting payments from customers is a large part of day-to-day operations. With Axos Bank, your business can access point-of-sale terminals and equipment, ACH and billing solutions, and mobile and eCommerce solutions.

Another distinguishing feature at Axos Bank is its Workplace Banking program. Through Axos Workplace Banking, businesses can provide access to personal banking services to employees. The program claims to offer low interest rates on lending products and low fees on bank accounts. Employees get access to unlimited domestic ATM reimbursements and financial literacy tools like videos, tutorials and more.

All Axos business bank accounts come with online account access to help you manage your company’s finances. Online access comes with online bill pay and image statements for all business accounts.

You can also manage funds from nearly anywhere in the world through Axos Bank’s mobile app. The mobile app, available for iOS (4.7 stars out of 5) and Android (4.7 stars out of 5), allows you to manage accounts, deposit checks, pay bills and much more.

If you need to contact Axos Bank for extra support, you can send a secure message to the bank through your online account. You can call one of the bank’s business relationship managers at 844-678-2726 Monday through Friday from 6 a.m. to 6 p.m. PT. Business customer support is also available by emailing businessbanking@axosbank.com.

With relatively few fees and convenient cash access, Axos Bank’s two business checking accounts should appeal to various customers. Axos Business checking accounts are best for:

• Business owners who want a basic business checking account with unlimited transaction processing
• Businesses with high cash flow that want fee-free ATM access
• Business owners comfortable banking online or from mobile devices
• Business owners who want to avoid monthly fees
• Business owners who want to earn interest on their checking balance

Eligible U.S.-based businesses can apply for an Axos business checking account online. The documents needed to open an account vary depending on your business type. Eligible businesses include:

• Sole proprietorships
• General partnerships
• Limited liability companies (LLCs)
• Limited liability partnerships (LLPs)
• Corporations
• Associations/HOAs

During the application process, Axos Bank will require personal information from all clients applying for an account for identity verification purposes.

Axos Basic Business Checking is a top choice, especially if you’re looking for a simple business checking account. The account doesn’t come with some of the extra features offered by other banks, but it also doesn’t carry a monthly maintenance fee.

Axos Bank has no branches for local in-person banking, but its online and mobile banking solutions may satisfy most business needs. If that’s not enough, business customers have free access to an extensive ATM network and unlimited domestic ATM fee reimbursements. Axos Bank’s other business banking products provide enough variety to meet the additional needs of small business owners.

Axos Bank is among Forbes Advisor’s Best Online Banks. In addition to its business banking services, Axos Bank offers full-service personal banking, including checking, savings, money market accounts and CDs. Axos also provides mortgages and a variety of loan products and solutions.

Axos vs. Bluevine Business Checking

Bluevine Business Checking combines many of the same benefits offered by Axos business checking accounts, including no monthly fees and unlimited transactions, with a higher interest rate.  When you compare Bluevine with Axos Bank’s Business Interest Checking, Bluevine’s best interest rate is easier to obtain and available on balances up to $250,000.

Because Bluevine only offers a business checking account, Axos is a better option for companies that prefer to do all of their banking in one spot.

Axos vs. Novo Business Checking Account

Novo Business Checking offers similar features to Axos business checking accounts, including no monthly fees, no minimum balance or deposit requirements and unlimited ATM fee reimbursements. In addition to these benefits, Novo offers exclusive perks for business-related spending and integrates with a variety of different business tools including accounting software and management platforms.

Novo offers only a business checking account, so it’s not an option for full-service banking. Novo Business Checking also doesn’t earn interest, so Axos Bank is the better choice for businesses that want to maximize their earnings on checking balances. But for integration with your various accounts and savings on business expenses, choose Novo.

Forbes Advisor rates business bank accounts based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual business products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks using a five-star scale with one star being the worst score and five stars being the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.